Bank of England all set to withdraw £50 Houblon note from circulation

The Bank of England is finally going to withdraw the £50 banknote that carries the portrait of the central bank's first governor Sir John Houblon from circulation midnight today, April 30.

Despite the central bank's January announcement that the £50 banknote would be withdrawn, more than 50 million of the banknotes with a total market value of £2.6 billion are still circulating.

Thus from the end of today, only the £50 banknote that portray 18th century entrepreneur Matthew Boulton and engineer James Watt will hold legal status.

While retailers will most probably stop accepting the £50 Houblon banknotes, most banks as well as building societies have announced that will still allow customers to deposit the notes into their accounts.

The Royal Bank of Scotland (RBS), Barclays, Ulster Bank, the Post Office and NatWest have announced that they would continue to exchange the old £50 banknotes for anyone who needs it, up to the value of £200, until 30th of October this year.

Moreover, all banknotes issued by the Bank of England are covered by 'promise to pay'. It means that people can obtain the face value of a withdrawn note at anytime by exchanging it at the central bank, which charges no fee for the service and allows people to exchange withdrawn notes in person or by post.